On October 7, 2019, the Greek Ministry of Finance presented to parliament the 2020 Budget, which includes numerous tax cut measures announced recently by Prime Minister Kyriakos Mitsotakis.

The 2020 Budget includes the following tax measures:

  • A reduction in the 28 percent corporate tax rate to 24 percent in 2020;
  • A five percentage point reduction in the dividend tax to five percent in 2020;
  • A reduction in the lowest personal income tax rate from 22 to nine percent
    on the first EUR10,000 (EUR10,970) of income;
  • A gradual five percent reduction in social security contributions for those in full-time employment; and
  • A three-year suspension of value-added tax for the construction of new buildings.